Zillow Reports That Engaged Home Shoppers Rose 20% This Spring

Sales didn’t reflect the level of interest in this year’s home shopping season, according to new data from Zillow.

The online brokerage noted that engaged home shoppers, people who went beyond casual browsing to save or share a for-sale listing on its website, hit nearly five per listing this past spring, a 21% jump from the previous year.

Zillow noted that despite the surge, sales told a more modest story, rising just 4.5% over the same period.

It said that serious home shopping was up even with more inventory on the market than a year before, making the signal of pent-up demand even stronger. That’s because elevated mortgage rates and affordability pressures are keeping would-be buyers on the sidelines, Zillow said.

Zillow’s analysis captures the second quarter of 2026, the height of the home shopping season, the brokerage noted. Heading into the shopping season, Zillow said that mortgage rates held at or below 6.5%, and affordability was more favorable than a year prior.

Since then, however, Zillow noted that conditions have tightened, with a weaker-than-anticipated close to the year expected.

Borrowing Costs Rose

Zillow reported that last spring offered a window into what demand looks like when conditions are even modestly more favorable, but since then, borrowing costs have risen and economic uncertainty has weighed on household decisions.

That widened the gap between intent and action, Zillow noted. There is a lot of pent-up demand sitting on the sidelines, and the right conditions could open the floodgates, the brokerage said.

That demand isn’t spread evenly, either. Zillow noted that in some Northeast markets, where years of underbuilding have kept inventory tight, engaged home shoppers are competing 10 to 1 for every home. In parts of the Sun Belt, the ratio barely tops 2 to 1.

Five most competitive markets:

• Buffalo, New York — 10.5 engaged shoppers per listing
• Providence, Rhode Island — 9.5
• Hartford, Connecticut — 8.5
• San Francisco, California — 7.6
• Cleveland, Ohio — 7.3

In markets where more home shoppers are eyeing each listing, competition heats up, and the window to act on a home can close faster.

Five least competitive markets:

• Houston, Texas — 2.2 engaged shoppers per listing
• Miami, Florida — 2.4
• San Antonio, Texas — 2.9
• Las Vegas, Nevada — 3.4
• Austin, Texas — 3.4

Sun Belt markets dominate the least competitive list, Zillow said. That’s where a wave of new inventory has cooled competition and given buyers more options and more room to negotiate.